REG - Vast Resources PLC - Interim Results for the six months to 31 Oct 2025
30/01/2026 07:00
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RNS Number : 9784Q Vast Resources PLC 30 January 2026
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 January 2026
Vast Resources plc
("Vast" or the "Company")
Interim Results for the six months to 31 October 2025
( )
Vast Resources plc, the AIM quoted mining company, is pleased to announce that
it has released its unaudited interim report and financial results for period
from 1 May 2025 to 31 October 2025.
The report can be found on the Company's website at the following address:
https://www.vastplc.com/investor-information/document-downloads
(https://www.vastplc.com/investor-information/document-downloads) .
Market Abuse Regulation (MAR) Disclosure
Certain information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of
the European Union (Withdrawal) Act 2018 ("UK MAR") until the release of this
announcement.
For further information visit www.vastplc.com or please contact:
Vast Resources plc +44 (0) 20 7846 0974
Andrew Prelea (CEO)
Strand Hanson Limited - Nominated & Financial Adviser +44 (0) 20 7409 3494
James Spinney / James Bellman
Shore Capital Stockbrokers Limited - Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate Advisory)
Axis Capital Markets Limited - Joint Broker +44 (0) 20 3206 0320
St Brides Partners Limited vast@stbridespartners.co.uk
Susie Geliher / Charlotte Page +44 (0) 20 7236 1177
Overview of the Interim Results for the six months to 31 October 2025
Financial
· An increase in losses after taxation in the six-month period ended 31
October 2025 (US$4.441 million) compared to the six-month period ended 31
October 2024 (US$3.341 million). The increase is due to transaction costs
associated with the Company's proposed acquisition of Gulf International
Minerals Limited as announced in December 2025 (the "Proposed Transaction").
· Administrative and overhead expenses have increased significantly for
the six-month period ended 31 October 2025 (US$2.610 million) compared to the
six-month period ended 31 October 2024 (US$1.863 million) due to legal and
financial due diligence and advisory costs associated with proposed purchase
of Gulf International Minerals Limited.
· Cost of sales of US$0.661 million substantially comprises costs
associated with maintaining the Baita Plai Polymetallic Mine ("BPPM") at which
operations have been suspended on a temporary basis (see Operational
Development section below). Given this temporary suspension no revenues have
been generated at BPPM.
· Cash balance at the end of the period of US$1.263 million compared to
$0.020 million at 30 April 2025.
· Debt of US$11.772 million at the end of the period compared to
US$12.030 million at 30 April 2025.
Operational Development
· The Company suspended operations temporarily at BPPM while it
conducts a comprehensive review of the geology of the project and mining
strategy. This review will include the generation of a new mine plan,
supported, if necessary, by a drilling program to further inform the mining
studies. This coincided with the Company establishing a technical services
function including mining engineers, geologists, and operational management
tasked with a review of the Company's asset base and in establishing a
sustainable operational plan to unlock the potential of the current asset
base.
· The Company has been working with specialist consultants to develop
new cleaning and sorting processes specific to Zimbabwe rough diamonds, which
are unique in character and require several layers of cleaning and preparation
to maximise their value at tender. The intention of the Company is to be
directly and indirectly involved in the entire value-chain where possible to
maximise returns for Shareholders.
· Appointment of James McFarlane as Non-Executive Director in May 2025.
· The Company appointed Strand Hanson Limited as Nominated and
Financial Adviser to the Company on 6 May 2025, replacing Beaumont Cornish
Ltd.
Post period end:
· On 1 December 2025, the Company announced the sale of 123,711.8
carats of lower value gem and industrial stones sold at an average price of
US$6.87 per carat.
· On 22 December 2025, the Company announced that it had entered into a
conditional share purchase agreement with Bay Square Pacific Limited to
acquire 100% of the share capital of Gulf International Minerals Limited for
all share consideration. The Proposed Transaction constitutes a reverse
takeover transaction pursuant to AIM rule 14 and will be subject to
shareholder approval, and accordingly the Company's Ordinary Shares were
suspended from trading on AIM on 22 December 2025.
Equity Funding
Share issues during the period: gross proceeds / consideration before cost of
issue
£ $ Shares issued Issued to
2,012,000 2,677,586 503,000,000 Warrants exercised by investors
212,000 287,083 60,571,428 Subscription by investors
3,452,250 4,646,568 1,243,313,491 Placing with investors
5,676,250 7,611,237 1,806,884,919
Post period end:
£ $ Shares issued Issued to
1,047,750 1,403,661 582,083,333 Placing with investors
1,047,750 1,403,661 582,083,333
Debt Funding
Several extensions were made to the loans from A&T Investments Sarl
("Alpha") and Mercuria Energy Trading SA ("Mercuria"), culminating in a new
schedule of repayments announced on 29 April 2024 and which would begin on 7
May 2024 and in large part would be funded through refinancing. Given the
delays in refinancing, the Company has not repaid any amounts to its lenders
under the revised schedule. After the period end, the Company repaid a total
of US$ 1 million of debt (US$0.5 million to each of Alpha and Mercuria) to
secure an extension to 31 December 2025. A further extension to 30 January
2026 was agreed with both Alpha and Mercuria. The Company will be unable to
repay these debts on 30 January 2026 and continues to discuss arrangements
with both Alpha and Mercuria. The Company plans to repay the debts from the
revenue generated from diamond sales, together with proceeds from an intended
placing (as announced on 22 December 2025) and proceeds from new offtake
financing arrangements and / or wider funding arrangements.
CHAIRMAN'S STATEMENT
Vast has, for a considerable time, maintained a portfolio of assets which the
Board believes have significant commercial potential. The Company has been
sustained, over many years, by debt and equity finance, the latter provided by
our shareholders who have shown significant patience whilst the Board has
sought to overcome many challenges. While the release of the diamond parcel in
April 2025 was welcome news and the process of selling the rough diamonds
together with further participation in the value chain is expected to improve
the Company's financial position in the short-term, the Company has been
working on a strategic initiative that proposes to fund and expand the
existing business into Central Asia.
On 22 December 2025, the Company announced that it had entered into a
conditional share purchase agreement with Bay Square Pacific Limited to
acquire 100% of the share capital of Gulf International Minerals Limited for
all share consideration. Gulf International Minerals Limited has a 49%
interest in a Tajikistan Joint Venture with the Ministry of Industry and New
Technologies. The Joint Venture owns and operates several gold mines in
Northern Tajikistan. The Proposed Transaction constitutes a reverse takeover
transaction pursuant to AIM Rule 14 and, accordingly, will require approval of
the Shareholders. In conjunction with the proposed transaction, the Company
intends to raise further capital.
Once completed, the Board of directors of the Company expect the Proposed
Transaction to have a transformational impact on Vast and is expected to
progress the Company towards becoming a mid-tier mining company, delivering
strong, diversified revenues and cashflows for Shareholders. Through the
Proposed Transaction, Vast will gain exposure to immediate production and
near-term value opportunities, including tailings reprocessing.
The Company has agreed a debt extension with its current lenders to 30 January
2026 and continues to discuss arrangements with both Alpha and Mercuria to
allow the Company to repay the debts from the revenue generated from diamond
sales, together with proceeds from an intended placing as part of the above
Proposed Transaction, and proceeds from new offtake financing arrangements and
/ or wider funding arrangements.
I wish to thank all our stakeholders for their patience in what have been
challenging times.
Brian Moritz
Chairman
CHIEF EXECUTIVE OFFICER'S REPORT
The Company suspended operations temporarily at BPPM while it conducts a
comprehensive review of the geology of the project and mining strategy. The
review will include the generation of a new mine plan, supported, if
necessary, by a new drilling program to grow and increase confidence of the
current JORC. This initiative coincided with the Company establishing a
technical services function including mining engineers, geologists, and
operational management tasked with a review of the Company's asset base and in
establishing a sustainable operational plan to unlock the potential of the
current asset base. Additionally, in May 2025, James McFarlane, a globally
experienced technical mining professional joined us as Non-Executive Director.
James has held senior roles in active mining operations in the United Kingdom,
Ireland and Australia, and has also held roles as a mining consultant
supporting exploration and project development studies (Mineral Resource
Estimates, Ore Reserve Estimates and Feasibility Studies), across a range of
commodities worldwide including gold, copper, and other base and critical
metals.
The Company continues to focus resources on expanding its operations into
Tajikistan. The Company was delighted to sponsor and present at the
Tajikistan-UK Mining Forum at the London Stock exchange on 19 May 2025. At the
event, the Company signed a non-binding Memorandum of Understanding ("MOU")
with the Ministry of Industry and New Technologies of the Republic of
Tajikistan. The purpose of the MOU is to provide a framework of cooperation
between the two parties in respect of identifying new exploration and
exploitation targets for non-ferrous and strategic mineral deposits,
ultimately working jointly towards developing a "Tajik Mineral Investments
Fund" for the purpose of developing Tajikistan's mining industry. On 22
December 2025, and as mentioned above in the Chairman's report, the Company
announced that it had entered into a conditional share purchase agreement with
Bay Square Pacific Limited to acquire 100% of the share capital of Gulf
International Minerals Limited for all share consideration. If approved by
Shareholders, this marks a very important step in the Company's expansion
plans into Central Asia.
The Company has been working with specialist consultants to develop new
cleaning and sorting processes specific to Zimbabwe rough diamonds, which are
unique in character and require several layers of cleaning and preparation to
maximise their value at tender. The intention of the Company is to be directly
and indirectly involved in the entire value-chain where possible to maximise
returns for Shareholders from the diamond parcel and this could create further
opportunities for the Company in the future. On 1 December 2025, the Company
announced the sale of 123,711.8 carats of lower value gem and industrial
stones sold at an average price of US$6.87 per carat. The balance of the
higher quality stones is being sold in a phased manner to maximise returns to
Shareholders and are expected to improve the financial position of the
Company.
Many thanks to fellow Board members and management for the commitment and hard
work that has been put into the Group. I thank all our stakeholders for their
continued support.
Andrew Prelea
Chief Executive Officer
Condensed consolidated statement of comprehensive income
for the six months ended 31 October 2025
31 Oct 2025 30 Apr 2025 31 Oct 2024
6 Months 12 Months 6 Months
Group Group Group
Unaudited Audited Unaudited
Note $'000 $'000 $'000
Revenue - 484 211
Cost of sales (661) (2,226) (1,194)
Gross loss (661) (1,742) (983)
Overhead expenses (2,931) (3,784) (1,726)
Depreciation of property, plant and equipment (229) (451) (229)
Profit / (loss) on sale of property, plant and equipment - - -
Share option and warrant expense - - -
Sundry income 6 - 6
Exchange gain / (loss) (98) (171) 360
Other administrative and overhead expenses (2,610) (3,162) (1,863)
Loss from operations (3,592) (5,526) (2,709)
Finance income - - -
Finance expense (849) (1,047) (632)
Loss before taxation from continuing operations (4,441) (6,573) (3,341)
Taxation charge - - -
Total (loss) after taxation for the period (4,441) (6,573) (3,341)
Other comprehensive income
Items that may be subsequently reclassified to either profit or loss
(Loss) / gain on available for sale financial assets - - -
Exchange gain /(loss) on translation of foreign operations 25 (128) (143)
Total comprehensive expense for the period (4,416) (6,701) (3,484)
(Loss) per share - basic and diluted - amount in cents ($) 4 (0.12) (0.32) (0.22)
Condensed consolidated statement of changes in equity
for the six months ended 31 October 2025
Share capital Share premium Share option reserve Foreign currency translation reserve Retained deficit Total
$'000 $'000 $'000 $'000 $'000 $'000
At 30 April 2024 (restated) 47,681 105,277 1,083 (3,344) (156,195) (5,498)
Total comprehensive loss for the period - - - (143) (3,341) (3,484)
Share option and warrant charges
Share options and warrants lapsed - - (203) - 203 -
Shares issued:
- for cash consideration 2,102 211 - - - 2,313
- to settle liabilities - - - - - -
At 31 October 2024 (restated) 49,783 105,488 880 (3,487) (159,333) (6,669)
Total comprehensive loss for the period - - - 15 (3,232) (3,217)
Share option and warrant charges - - - - - -
Share options and warrants lapsed - - - - (203) (203)
Shares issued:
- for cash consideration - 203 - - - 203
- to settle liabilities 64 - - - - 64
At 30 April 2025 49,847 105,691 880 (3,472) (162,768) (9,822)
Total comprehensive loss for the period - - - 25 (4,441) (4,416)
Share option and warrant charges - - (277) - 277 -
Share options and warrants lapsed - - - - - -
Shares issued:
- for cash consideration 2,418 4,828 - - - 7,246
- to settle liabilities - - - - - -
At 31 October 2025 52,265 110,519 603 (3,447) (166,932) (6,992)
Condensed consolidated statement of financial position
As at 31 October 2025
31 Oct 2025 30 Apr 2025 31 Oct 2024
Unaudited Audited Unaudited (restated)
Group Group Group
$'000 $'000 $'000
Assets Note
Non-current assets
Property, plant and equipment 3 19,519 18,988 17,728
Available for sale investments 891 891 891
Investment in associates 417 417 417
Loans to group companies - - -
20,827 20,296 19,036
Current assets
Inventory 5 1,175 1,066 1,276
Receivables 6 2,042 2,029 2,395
Cash and cash equivalents 1,263 20 235
Total current assets 4,480 3,115 3,906
Total Assets 25,307 23,411 22,942
Equity and Liabilities
Capital and reserves attributable to equity holders of the Parent
Share capital 52,265 49,847 49,783
Share premium 110,519 105,691 105,488
Share option reserve 603 880 880
Foreign currency translation reserve (3,447) (3,472) (3,487)
Retained deficit (166,932) (162,768) (159,333)
(6,992) (9,822) (6,669)
Non-controlling interests - - -
Total equity (6,992) (9,822) (6,669)
Non-current liabilities
Loans and borrowings 7 - - -
Provisions 9 1,177 1,178 1,158
Trade and other payables 8 16,157 13,342 10,680
17,334 14,520 11,838
Current liabilities
Loans and borrowings 7 11,772 12,030 11,050
Trade and other payables 8 3,193 6,683 6,723
Total current liabilities 14,965 18,713 17,773
Total liabilities 32,299 33,233 29,611
Total Equity and Liabilities 25,307 23,411 22,942
Condensed consolidated statement of cash flow
for the six months ended 31 October 2025
31 Oct 2025 30 Apr 2025 31 Oct 2024
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxation for the period (4,441) (6,573) (3,341)
Adjustments for:
Depreciation and impairment charges 229 451 229
Liabilities settled in shares 64 -
Share option expense - (203) -
Finance expense 849 1,047 632
Unrealised foreign currency exchange loss / (gain) 73 (128) (318)
(3,290) (5,342) (2,798)
Changes in working capital:
Decrease (increase) in receivables (13) 463 31
Decrease (increase) in inventories (109) (194) (453)
Increase (decrease) in payables (676) 3,144 1,625
(798) 3,413 1,203
Taxation paid - - -
Cash generated by / (used in) operations (4,088) (1,929) (1,595)
Investing activities:
Payments to acquire property, plant and equipment (808) (1,354) (508)
.
Total cash used in investing activities (808) (1,354) (508)
Financing Activities:
Proceeds from the issue of ordinary shares 7,246 2,516 2,313
Proceeds from loans and borrowings granted - 762 -
Repayment of loans and borrowings (1,107) - -
Total proceeds from financing activities 6,139 3,278 2,313
Increase (decrease) in cash and cash equivalents 1,243 (5) 210
Cash and cash equivalents at beginning of period 20 25 25
Cash and cash equivalents at end of period 1,263 20 235
Interim report notes
1 Interim Report
These condensed interim financial statements, which are unaudited, are for the
six months ended 31 October 2025 and consolidate the financial statements of
the Company and all its subsidiaries. The statements are presented in United
States Dollars.
The financial information set out in these condensed interim financial
statements does not constitute statutory accounts as defined in Section 434(3)
of the Companies Act 2006. The condensed interim financial statements should
be read in conjunction with the consolidated financial statements of the Group
for the period ended 30 April 2025 which have been prepared in accordance with
UK-adopted International Accounting Standards and the Companies Act 2006. The
Auditor's report on those financial statements was unqualified and did not
contain a statement under s.498(2) or s.498(3) of the Companies Act 2006.
While the Auditors' report for the period ended 30 April 2025 was unqualified,
it did include a material uncertainty related to going concern, to which the
Auditors drew attention by way of emphasis without qualifying their report.
Full details of these comments are contained in the report of the Auditors on
Pages 24-29 of the annual financial statements for the period ended 30 April
2025, released elsewhere on this website on 31 October 2025. The accounts for
the period have been prepared in accordance with International Accounting
Standard 34 "Interim Financial Reporting" ("IAS 34") and the accounting
policies are consistent with those of the annual financial statements for the
period ended 30 April 2025, unless otherwise stated, and those envisaged for
the financial statements for the year ended 30 April 2026.
New IFRS accounting standards
At the date of authorisation of these financial statements, a number of
Standards and Interpretations were in issue but were not yet effective. The
Directors do not anticipate that the adoption of these standards and
interpretations, or any of the amendments made to existing standards as a
result of the annual improvements cycle, will have a material effect on the
financial statements in the year of initial application.
Going concern
After review of the Group's operations, together with the recovery of an
historic claim, and ongoing refinancing and investor discussions to secure the
necessary funding to settle the Company's outstanding debt of the Group
and meet its working capital requirements , the Directors have a reasonable
expectation that the Group is able to realise the resources to continue in
operational existence for the foreseeable future. Accordingly, the Directors
continue to adopt the going concern basis in preparing the unaudited condensed
interim financial statements.
This interim report was approved by the Directors on 29 January 2026.
2 Segmental Analysis
Mining, exploration, and development Admin and corporate Total
Europe & Central Asia Africa
$'000 $'000 $'000 $'000
Year to 31 October 2025
Revenue - - - -
Production costs (661) - - (661)
Gross profit (loss) (661) - - (661)
Depreciation (228) - (1) (229)
Sundry income 6 - - 6
Exchange (loss) gain (101) - 3 (98)
Other administrative and overhead expenses (1,225) - (1,385) (2,610)
Finance income - - - -
Finance expense (277) - (572) (849)
Taxation (charge) - - - -
Profit (loss) for the year (2,486) - (1,955) (4,441)
31 October 2025
Total assets 22,793 - 2,514 25,307
Total non-current assets 20,404 - 423 20,827
Additions to non-current assets 806 - 2 808
Total current assets 2,389 - 2,091 4,480
Total liabilities 21,167 - 11,132 32,299
Mining, exploration, and development Admin and corporate Total
Europe & Central Asia Africa
$'000 $'000 $'000 $'000
Year to 30 April 2025
Revenue 484 - - 484
Production costs (2,401) 175 - (2,226)
Gross profit (loss) (1,917) 175 - (1,742)
Impairment of intangible assets - - -
Depreciation (451) - - (451)
Exchange (loss) gain (393) - 222 (171)
Other administrative and overhead expenses (1,568) - (1,594) (3,162)
Finance income - - - -
Finance expense (643) - (404) (1,047)
Taxation (charge) - - - -
Profit (loss) for the year (4,972) 175 (1,776) (6,573)
30 April 2025
Total assets 22,346 - 1,065 23,411
Total non-current assets 19,910 - 386 20,296
Additions to non-current assets 1,354 - - 1,354
Total current assets 2,436 - 679 3,115
Total liabilities 22,411 - 10,822 33,233
Mining, exploration, and development Admin and corporate Total
Europe & Central Asia Africa
$'000 $'000 $'000 $'000
Year to 31 October 2024
Revenue 211 - - 211
Production costs (1,194) - - (1,194)
Gross profit (loss) (983) - - (983)
Depreciation (227) - (2) (229)
Sundry income 6 - - 6
Exchange (loss) gain 353 - 7 360
Other administrative and overhead expenses (1,179) - (684) (1,863)
Finance income - - - -
Finance expense (132) - (500) (632)
Taxation (charge) - - - -
Profit (loss) for the year (2,162) - (1,179) (3,341)
Loss for the year from discontinued operations - - -
31 October 2024
Total assets 21,987 - 955 22,942
Total non-current assets 18,699 - 337 19,036
Additions to non-current assets 508 - - 508
Total current assets 3,288 - 618 3,906
Total liabilities 19,627 - 9,984 29,611
3 Property, Plant and equipment
Group Plant and machinery Fixtures, fittings and equipment Computer assets Motor vehicles Buildings and Improvements Mining assets Capital Work in progress Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Cost at 1 May 2024 3,931 68 160 1,093 3,168 13,504 3,138 25,062
Additions during the period - - - - - - 508 508
Foreign exchange movements 49 1 2 17 33 121 43 266
Cost at 31 October 2024 3,980 69 162 1,110 3,201 13,625 3,689 25,836
Additions during the period - - - - - - 846 846
Reclassification - - - - - 468 (468) -
Foreign exchange movements 170 3 6 55 113 426 204 977
Cost at 30 April 2025 4,150 72 168 1,165 3,314 14,519 4,271 27,659
Additions during the period - - 8 - - - 800 808
Reclassification - - - - - 305 (305) -
Foreign exchange movements (14) (12) (1) (49) (10) (35) 44 (77)
Cost at 31 October 2025 4,136 60 175 1,116 3,304 14,789 4,810 28,390
Depreciation at 1 May 2024 3,273 66 131 332 1,324 2,662 - 7,788
Charge for the period 74 2 3 50 45 55 - 229
Foreign exchange movements 40 1 2 8 20 20 - 91
Depreciation at 31 October 2024 3,387 69 136 390 1,389 2,737 - 8,108
Charge for the period 73 3 3 69 20 54 - 222
Reclassification - (5) 5 - - - - -
Foreign exchange movements 145 3 5 33 78 77 - 341
Depreciation at 30 April 2025 3,605 70 149 492 1,487 2,868 - 8,671
Charge for the period 76 2 6 42 23 80 - 229
Foreign exchange movements (6) (12) (1) (2) (3) (5) - (29)
Depreciation at 31 October 2025 3,675 60 154 532 1,507 2,943 - 8,871
Net book value at 31 October 2024 593 - 26 720 1,812 10,888 3,689 17,728
Net book value at 30 April 2025 545 2 19 673 1,827 11,651 4,271 18,988
Net book value at 31 October 2025 461 - 21 584 1,797 11,846 4,810 19,519
4 Loss per share
31 Oct 2025 30 Apr 2025 31 Oct 2024
Unaudited Audited Unaudited
Group Group Group
Profit and loss per ordinary share has been calculated using the weighted
average number of ordinary shares in issue during the relevant financial year.
The weighted average number of ordinary shares in issue for the period is: 3,626,391,812 2,051,019,445 1,502,804,078
Profit / (loss) for the period: ($'000) (4,441) (6,573) (3,341)
Profit / (Loss) per share basic and diluted (cents) (0.12) (0.32) (0.22)
The effect of all potentially dilutive share options is anti-dilutive.
5 Inventory
Oct 2025 Apr 2025 Oct 2024
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Minerals held for sale 620 513 735
Production stockpiles 6 6 6
Consumable stores 549 547 535
1,175 1,066 1,276
6 Receivables
Oct 2025 Apr 2025 Oct 2024
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Trade receivables - - 296
Other receivables 1,228 1,314 1,033
Short term loans 357 346 344
Prepayments 108 132 181
VAT 349 237 541
2,042 2,029 2,395
7 Loans and borrowings
Oct 2025 Apr 2025 Oct 2024
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Non-current
Secured borrowings 10,766 10,376 10,128
Unsecured borrowings 787 733 717
less amounts payable in less than 12 months (11,553) (11,109) (10,845)
- - -
Current
Secured borrowings - - -
Unsecured borrowings 219 921 205
Bank overdrafts - - -
Current portion of long term borrowings - secured 10,766 10,376 10,128
787 733 717
- unsecured
11,772 12,030 11,050
Total loans and borrowings 11,772 12,030 11,050
8 Trade and other payables
Oct 2025 Apr 2025 Oct 2024
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Trade payables 1,562 2,319 3,403
Other payables 642 3,768 2,833
Other taxes and social security taxes 910 444 379
Accrued expenses 79 152 108
3,193 6,683 6,723
Vast Baita Plai SA ('VBP') reached an agreement in principle with ANAF (the
Romanian revenue authority) in December 2021 to defer the current payroll tax
liability over a five year period. The final repayment schedule was
established on 20 May 2022. Subsequently, the Company entered into discussions
for a new and required restructuring plan in order to ensure the Company can
affordably repay the total amounts due to the tax authorities. On 10 June
2024, the Company announced that VBP had entered into a voluntary
reorganisation to be effected by a Court judged process under the Insolvency
Act in Romania. Under such a process, the amounts owed to ANAF along with
other amounts owed to creditors can be repaid over a four-year period based on
affordability. and starting from the date the reorganisation plan is finally
approved. The Company believes that the reorganisation plan will be approved
by the end of Q1 2026.
The current amounts due in more than one year are based on the creditors
listing provided to the Court during the year and reflect the current
estimates regarding the proposed timing of repayments. These estimates are
more favourable to the Company than originally anticipated and have been
considered in the assessment of going concern.
The Company has also restructured, under the Sinarom Mining Group ('SMG')
reorganisation, amounts in respect of taxes which will be repaid over three
years.
Oct 2025 Apr 2025 Oct 2024
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Amounts due between one and two years 6,740 4,491 3,796
Amounts due between two and three years 5,225 4,406 4,457
Amounts due between three and four years 4,192 4,445 2,427
16,157 13,342 10,680
9 Provisions
Oct 2025 Apr 2025 Oct 2024
Unaudited Audited Unaudited
Group Group Group
$'000 $'000 $'000
Provision for rehabilitation of mining properties
- Provision brought forward from previous periods 1,178 1,151 1,151
- Liability recognised during period 2 3
- Derecognised on disposal of subsidiary - - -
- Effect of foreign exchange (1) 25 4
1,177 1,178 1,158
10 Contingent liabilities
In the normal course of conducting business in Romania, the Company's Romanian
businesses are subject to a number of legal proceedings and claims. These
matters comprise claims by the Romanian tax authorities. The Company records
liabilities related to such matters when management assesses that settlement
of the exposure is probable and can be reasonably estimated. Based on current
information and legal advice, management does not expect any such proceedings
or claims to result in liabilities and therefore no liabilities have been
recorded at 31 October 2024. However, these matters are subject to inherent
uncertainties and there exists the remote possibility that the outcome of
these proceedings and claims could have a material impact on the Group.
11 Events after the reporting date
Share issuance:
£ $ Shares issued Issued to
1,047,750 1,403,661 582,083,333 Placing with investors
1,047,750 1,403,661 582,083,333
On 22 December 2025, the Company announced that it had entered into a
conditional share purchase agreement with Bay Square Pacific Limited to
acquire 100% of the share capital of Gulf International Minerals Limited for
all share consideration. The proposed transaction constitutes a reverse
takeover transaction pursuant to AIM rule 14 and will be subject to
shareholder approval.
**ENDS**
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. END IR KZGZMKLDGVZM
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